McAleer & Rushe firm MRP in funding deal

MRP, the property division of Co Tyrone developer McAleer & Rushe, has announced a £100m finance deal for a new development.

MRP said the deal with AIG Global Real Estate is for the development of Onyx, student accommodation at Lancaster Circus in Birmingham. Work started on the 1,025-bed development in May 2018, with completion due next summer.

MRP and McAleer & Rushe have completed around 7,000 student bed accommodation with a further 3,500 beds for completion by 2022.

Graham Mitchell, development director at MRP, said: "The Onyx represents a significant landmark project... We are delighted to have concluded forward funding contracts with such a high-profile investor as AIG Global Real Estate for this prominent building and look forward to the opening in summer 2020."